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Take Your Business to another Level with Multiple Streams of Income
If you're like the majority of entrepreneurs, you aren't satisfied with letting your organization sit in idle mode for long. You want it to continue to grow and reach the amount of success that you've been dreaming about. Well here's you chance to light a fire under your company's success.

It seems that everyone is talking about how exactly to generate multiple streams of income, and they are talking about it for a reason--it works. While a small business may be able to run with a few products and services for awhile, it's the introduction of new services and products that expands underneath line.

To get a better notion of how multiple income streams can propel a business to new heights, take a look at a number of the biggest success stories.

Yahoo! got its start in 1994 in a Stanford University campus trailer as "Jerry and David's Guide to the World Wide Web." Founders David Filo and Jerry Yang, PhD, began keeping track of websites they liked. Soon a huge selection of visitors were logging on and the duo realized they had a small business in the making.

After incorporating in 1995 and taking the business public in 1996, Yahoo! has grown to attain over 345 million individuals. The long list of services offered include website hosting, e-mail, personals ads, yellow pages, maps, instant messenger, a shopping network, and a large number of other services. Many of Yahoo's services are offered for free and revenues are generated from upgrades to premium services, advertising, alliances with other businesses, and the introduction of new services.

Starbucks is really a favorite destination for coffee lovers, and the passion for an excellent cup of java was the foundation for this hot company that began in 1971 as a small shop in Seattle's Pike Place Market. Once established, Starbucks began adding new products, like the signature Frappucino, to reel in customers. Patrons may also purchase fresh beans, mugs, candy, coffee brewing equipment, gift cards, and music CDs, or enjoy the main one of the tasty ice cream flavors from the new retail product line. You can find currently 4593 company-owned locations and an additional 2158 licensed Starbucks locations, proving that thoughtfully planned revenue streams can catapult an organization into phenomenal success.

eBay began in 1995 as a forum for swapping Pez dispensers and contains morphed into an on-line giant reaching more than 135 million users. To achieve its record growth, the business expanded its product categories to add everything from office supplies, sports memorabilia, and music to property, automobiles, and concert tickets. More than 1.4 billion items were listed for sale in 2004. Acquisitions of PayPal, an online payment processing service, eLance, a directory of freelance providers, and several others also have helped eBay grow in record proportions. eBay has sites in more than twenty countries, serves up a favorite storefront program, hosts user conferences, and is growing the customer base through an affiliates program.

Home Depot crafted its niche by offering clients a large variety of products when the doors opened in 1978. Now over 1800 stores strong sufficient reason for a selection of over 40,000 building materials and lawn and garden products, the home improvement giant has expanded its offerings to add installation services, how-to workshops, home delivery, tool rental, truck rental, and a favorite series of books.

A Call to Action

So how can a little operation achieve a good fraction of the success experienced by the big companies? By emulating their business models.

If sales are flat or simply not growing fast enough at your organization, consider the best way to build on the foundation. Ask yourself these questions:

*What products or services would my existing customer base like to see?

*What services or products could lure in new customers?

*What products or services are being provided by my competitors?

*How may i implement my new offerings?

*How will the brand new offerings affect my bottom line?

Here are ten suggestions to consider:

1. Offer consulting services in your town of expertise.

2. Add a new line of products.

3. Form an alliance with another business.

4. Sell advertising on your website, in your e-zine or at your place of business.

5. Launch a second business that is complimentary to most of your business.

6. Offer new services and outsource them to contractors.

7. Create a subscription-based offering for instance a newsletter or mentor program.

8. Create your personal products for resale.

9. Train others to perform a small business likes yours.

10. Publish books, e-books or other info products.

Not only can the introduction of a new product or service increase your bottom line, nonetheless it can boost exposure for your business. Since most people need to be exposed to a product or service at least eight times before they grab their wallets and buy, your business must be seen everyw here . Services and services mean new methods of advertising and the potential to expand your customer base.

Implementing a fresh revenue strategy is not the only way to cultivate a business. You will need careful planning, capital, and an excellent marketing plan. Even the largest companies began small so with a little ingenuity and some careful planning, your business may be the next success story.

Stephanie Chandler may be the author of "The Business Startup Checklist and Planning Guide: Seize Your Entrepreneurial Dreams!" and founder of [http://www.BusinessInfoGuide.com], a directory of resources for entrepreneurs.
Read More: https://cnnislands.com/stepping-out-of-the-full-time-job-market-how-do-i-know-what-i-want/